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Allens advises ACCIONA on Geotech acquisition

Allens has advised ACCIONA on its acquisition of Australian engineering and construction group Geotech.

The deal includes a cash payment of $197 million and a 17.6 per cent stake in a new subsidiary, ACCIONA Geotech Holding, for three key Geotech executives.

Allens assisted on all aspects of the deal, including negotiations in Australia and overseas.

The deal represents the first infrastructure acquisition for ACCIONA in Australia.

'We congratulate ACCIONA on this strategic investment which will considerably expand their reach in the Australian market,' said Partner David Donnelly.

'For Allens, it adds to a busy pipeline in the infrastructure M&A space and highlights the value that we can add by combining our in-depth understanding of the infrastructure sector with our market-leading M&A capability.

'This deal is part of a broader growth in demand in Australia for infrastructure services, which is estimated to reach $125 billion over the next decade,' he said.